Reinsurance Module
The reinsurance module of Beyontec Suite is a comprehensive risk evaluation and management tool that automates reinsurance allocations based on in-force, facultative, proportional, and excess-of-loss (XOL) treaties.
Module Highlights
Each feature of the module provides the specific functionality needed to support the business, the way you want to, giving you the independence and freedom needed to run the business . The in-built features enable you to adapt to market trends and requirements with greater speed and agility.
End-to-End Platform
Enables insurers and reinsurers to handle all reinsurance activities including proportional, Excess of Loss, facultative outward, co-insurance, with full financial control and auditing.
Effective Risk Control & Management
Prevent financial leakage by maintaining all information in a single repository and managed them at gross, reinsurance and net retention levels.
Real-time Validation
Accurate real-time validation and premium calculation dramatically reduces manual processing and external calculations.
Workflow Driven Solutions
A future-ready, workflow-driven insurance system with the ability to create and manage business processes and work queues dynamically, ensuring SLA adherence.
Business Rule Engine
The intuitive business rules engine of the suite allows insurer to configure both simple and complex rules definition using business-like terms for specific business needs and to meet regulatory norms.
Treaty Definition
The real-time validation of risks allows any quotation or policy that is beyond the treaty limit to be highlighted in the system real time and to be brought to the attention of the underwriter.
Real-time Treaty Allocation
Each treaty in the reinsurance program is executed based on an automatic quota share process where the parameters and allocation percentages are set in the treaty.
Mid-term Reinsurance Allocation
The module allows the insurer to close a treaty or change their re-insurance allocation on a particular risk during the mid-term of the policy process.
Treaty Statements
Periodic financial statements on the treaties are generated and shared by all the treaty participants.
Reinsurance Accounting
The module provides the option to generate the accounting entries for respective treaties processed. These accounting entries generate the debit and credit entries for the treaty parameter automatically.
Cash Call Processing
The module provides the cash call request when a claim exceeds the cash call limits defined.
Non-Proportional Premium Processing
The module provides the facility to process monthly XOL premiums. The premium is calculated based on the rates defined for each layer.
Non-Proportional Reinstatement Calculation
The module provides the facility to capture the reinstatement premium for layers which allow reinstatements post claims. The premium is calculated based on the treaty definition.
Claims Recovery
The module provides the recovery of claims from the respective treaties automatically based on the ceding done.
